Oliver Bäte, CEO of the German insurance group Allianz.

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Allianz’s chief executive said on Tuesday the German insurer proved “very resilient” in what he described as one of the worst market environments imaginable in 2022.

“We’re doing very well in a very difficult environment, so that’s very good, but I don’t measure that in financial terms,” ​​Oliver Bäte, chief executive of Allianz, told CNBC’s “Squawk Box Europe” at the World Economic Forum. in Davos. Swiss.

Bäte said that in 2022 Allianz recorded record levels of customer satisfaction, stating that its employee satisfaction was “outperforming almost every company in the world”.

Asked how difficult it is for the company to invest, Bäte replied: “2022 was one of the worst, environmental terms, you can imagine. Stocks and bonds went down, and you know that all the classical theories haven’t.” “. It really worked, and it was a huge challenge for our colleagues at Pimco.”

Allianz is one of the world’s largest investors, managing around 706 billion euros ($763.8 billion) on behalf of its insurance clients as of September last year. Bond giant Pimco is a unit of Allianz.

“We are now benefiting greatly from increased rates in the insurance business… but the price hasn’t been set yet. Recently, people have realized that higher rates are very, very good for us.” as a life insurer,” Bäte said. .

“As interest rates stabilize, bond flows will come back and in this environment you really want to be with someone who knows what they’re doing, so I’m very bullish for our asset management business.” added.

Allianz is scheduled to report its quarterly earnings on February 17. The company’s shares are up 9% so far this year.